The S&P 500 entered a correction on Friday as a result of further selling on recessionary fears that pulled down the Dow Jones Industrial Average.
The Dow of thirty stocks closed at 32,417.59, down 366.71 points, or 1.12%. Closing 10.3% below this year’s top on July 31, the S&P 500 fell 0.48% to close the session at 4,117.37. After CEO Jamie Dimon announced he intended to sell one million shares of JPMorgan Chase next year, the stock fell, putting pressure on the Dow.
Thanks to shares of Amazon, the Nasdaq Composite stayed up 0.38% at 12,643.01. After exceeding analysts’ forecasts for revenue and profitability in the third quarter, Amazon surged in value by more than 6%. Amazon’s share price increased, followed by other megacap tech giants like Microsoft.
Weekly losses were substantial for all three major averages. The week’s losses for the Dow and S&P 500 are 2.1% and 2.5 percent, respectively. Sharp weekly falls in Meta Platforms and Google’s parent company Alphabet have caused the Nasdaq to drop 2.6% over that time.
“The economic outlook remains uncertain. Therefore, even if the GDP for the third quarter was remarkably strong, I believe that everyone still anticipates a slowdown in the US economy. According to Dave Sekera, chief U.S. market strategist at Morningstar, “the only question is how much is it going to slow down and how fast.”
Source (CNBC)
